Gold Price Today: Gold near 55,000 level, Silver on 8-month high on MCX — Check rates in Delhi, Mumbai and other cities

Gold rate today: Gold was trading flat in the afternoon trade on Thursday. On MCX, as of 1:30 pm, December Gold futures quoted at Rs 54,995 per 10 grams, flat by Rs 76 or 0.14 per cent.

Vandana Bharti, Zee Business Panelist and SMC Global's AVP of Commodity Research, has given a buy call on gold.

“I will be on the buying side as covid numbers are coming in and there is a concern in China. Some reasons for gold's upside is that the Japanese Yen is getting stronger due to which the dollar index has dented and it could trade below 104 in a few further trading sessions,” she said.

She further added that Rs 55,800- Rs 56,000 target could be achieved by the end of the year.

In the early trade silver crossed the 70,000 level after 8 months, but paired gains and ended at Rs 69,224 per kg. In November, Silver saw a price rise of 15 per cent. This year the commodity has rallied almost 13 per cent.

According to the Zee Business Panelist, silver has seen a rally after 2012 in physical demand. “After 2012, the price of silver has hiked and a physical demand is seen, but there wasn't a lot of investment demand. Supply side is tight and silver prices which have cushioned up are supported by fundamentals. Silver has rallied Rs 56,000- Rs 70,000 — which is a rise of Rs 14,000 in just a month, and is expected to reach Rs 70,800 to Rs 71,000,” she stated.

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She opined that, in January Rs 66,500 to 67,000 levels could be seen when the position builds up.

According to her, after the high speed when there will be a correction it will be 6-7 per cent and investors should wait for the correction and then buy.

She gave a target of Rs 70800 for remaining trading sessions of 2022 after that we will wait for correction.

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Another Panelist Jay Purohit said that view from positional trading perspective is positive. “The view is positive for positional trading. We have a top commodity for 2023 report, in which we have given a buy call for silver for a target of Rs 85,000. I think in 2023, we can see 85,000 levels. Dip to Rs 66,060 - Rs 67,000 would be a good buying level for traders and positional traders,” Purohit said.

He further added that current levels are also good for buying

In the international market, Gold was quoting at USD 1,818.30 per ounce while silver was down by 0.52 per cent - at USD 24.73 per ounce.

Meanwhile, the rupee was trading at 82.78 against the US dollar. The international oil benchmark Brent crude futures was up by 0.41 per cent to USD 82.92 per barrel.

Gold Price City-wise In India as of December 22, 2022, for 22k

Chennai - Rs 51,240

Mumbai - Rs 50,250

Delhi - Rs 50,400

Kolkata - Rs 50,250

Bangalore - Rs 50,300

Hyderabad - Rs 50,250

Kerala - Rs 50,250

Pune - Rs 50,250

Vadodara - Rs 50,300

Ahmedabad - Rs 50,300

Jaipur - Rs 50,400

Lucknow - Rs 50,400

Coimbatore - Rs 51,240

Madurai - Rs 51,240

Vijayawada - Rs 50,250

Patna - Rs 50,300

Nagpur - Rs 50,250

Chandigarh - Rs 50,400

Surat - Rs 50,300

Bhubaneswar - Rs 50,250

Mangalore - Rs 50,300

Visakhapatnam - Rs 50,250

Nashik - Rs 50,280

Mysore - Rs 50,300

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before investing/purchasing.)

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